"The Suns were devoted to Michael Beasley's success in Phoenix," Suns President of Basketball Operations Lon Babby said in a statement. "However, it is essential that we demand the highest standards of personal and professional conduct as we develop a championship culture. Today's action reflects our commitment to those standards. The timing and nature of this, and all of our transactions, are based on the judgment of our Basketball leadership as to how best to achieve our singular goal of rebuilding an elite team."

Suns General Manager Ryan McDonough also alluded to the arrest last month.

"We have high standards for all of our players. We expect them to represent the team and the community in a positive manner both on and off the court."

Beasley, who has underwhelmed since entering the league in the 2008 NBA Draft, is coming off a career-low season with the Suns -- 10.1 points and 3.8 rebounds per game. He's signed to a three-year, $18 million contract that still has two years remaining. The team must pay a portion of the $12 million still owed but can do it over the course of multiple seasons and without a salary cap impact.